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Emergency Session. One hole is that a handful of states (Maryland, Massachusetts, Mississippi, North Carolina and Ohio) allow state-chartered S & Ls to choose federal insurance, private insurance-or even no insurance. In Mississippi, eight S&Ls are uninsured; another 32 institutions doing about one-third of the S&L business in the state carry private insurance, most of it written by American Savings Insurance Co. The trouble began in early May, when two stockholders filed suit against the state's second largest S&L, the 47-branch Bankers Trust (which has no relation to the well-known...
...this feistiest of Fourths, it will not be Oh, Say Can You See? in New York harbor. There the longest, widest, heaviest, starriest national banner ever lofted will spread amaze amid the tops'ls of tall ships and raise the first gulp of the day. Hung athwart the Verrazano-Narrows Bridge and visible far at sea, the superflag measures 193 ft. by 366 ½ ft., bigger by half than a football field, weighs 1 ½ tons and is constructed like a sail to weather all winds. It was Betsy Rossed in the loft of Marblehead, Mass., Yachtsman-Sailmaker...
...sharper competition among banks and thrift institutions. That would bring consumers better and cheaper financial services and offer small savers more interest on their money. The housing industry and would-be home buyers would be less vulnerable to recurrent squeezes on credit, because mutual savings banks and S and Ls, the prime sources of mortgage loans, would be better able to compete for savings during tight-money periods. And tighter regulation of banks could help ensure the continued soundness of the whole U.S. financial system...
...would push interest rates higher. One probable result: a greater flow of money out of savings and loan associations, which supply a huge chunk of the mortgage money for new homes, into Government securities and other investments that yield higher interest rates than the savings banks and S and Ls can legally pay. The nation's mutual savings banks lost an estimated $300 million worth of deposits in September, v. a net gain of $10 million in August...
Commercial banks are trying to do the same thing, but they face a restriction that S and Ls do not. U.S. Comptroller of the Currency James Smith ruled last December that banks could set up terminals without running afoul of laws in twelve states that limit branch banking, but last month specified that the terminals could not be put in locations more than 50 miles away from a bank's main or branch office. In addition, small bankers, worried that big banks and S and Ls will win away depositors, are backing two bills in Congress that would severely...